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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Environmental

Date & Time
  • event Date

    Tuesday, June 4, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$297.00
CLE
ALL

This CLE course will provide an in-depth look at ASTM E1527-21, the ESA standard now recognized by the EPA as satisfying all appropriate inquiries (AAI) requirements. The panel will examine how this standard has been implemented and its impact on site assessment and the due diligence process since it was approved by the EPA effective February 2023. The panel will offer best practices for practitioners when guiding clients through the due diligence process and for AAI compliance to limit CERCLA liability.

Faculty

Lawrence P. Schnapf
Principal
Schnapf LLC, LLC

Mr. Schnapf primarily concentrates on environmental risks associated with corporate, real estate and brownfield transactions; commercial financing including asset-based lending, syndicated loans, mezzanine loans and distressed debt; and bankruptcy, workouts and corporate restructuring. He has extensive experience with brownfield redevelopment and financing, including representing affordable housing developers and assisting local development corporations or not-for-profit organizations with their brownfield planning programs. Mr. Schnapf also counsels clients on environmental, represents clients in federal and state environmental litigation, enforcement actions, administrative proceedings and private cost recovery actions. He is a past Chair of the Environmental Law Section of the NYSBA, Co-Chair of the NYSBA brownfield task force, and former Co-Chair of the NYSBA Hazardous Site Remediation Committee. Mr. Schnapf is a past Chair of the ABA Section of Business Law Committee on Environmental, Energy and Natural Resources Law and a Vice Chair of the ABA Section of Environment, Energy and Resources. He has also served on a number of ASTM Task Groups, including Chair of the legal subcommittee for the ASTM E1527  task force responsible for the 2013 and 2021 revisions to ASTM E1527 phase 1 standard and was Co-Chair of the legal sub-committee for the ASTM Vapor Intrusion Task Group.

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Julie Kilgore
President
Wasatch Environmental

Ms. Kilgore has 25 years of experience in environmental assessment, investigation, remediation, and regulatory agency coordination. She is Chair of the task group responsible for developing the revisions to ASTM 1527 Phase I Environmental Site Assessment Standard, and was appointed by EPA to serve on the Federal Advisory Committee to assist EPA in developing the federal All Appropriate Inquiry regulation. Ms. Kilgore has authored numerous articles regarding environmental issues related to commercial property transactions, and provides national training for conducting pre-acquisition environmental due diligence.

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Description

Federal and state environmental laws can impose significant liabilities on parties buying or leasing commercial real estate unless they qualify for one of the liability defenses. Property owners and operators must perform an AAI--commonly known as a Phase I Environmental Site Assessment (ESA)--before taking title or possession of a property to qualify for at least one of the liability defenses available.

The EPA approved ASTM E1527-21 as the ESA standard that satisfies AAI requirements, effective Feb. 13, 2023. The standard made significant revisions compared to its predecessor, ASTM E1527-13. Effective February 13, 2024, ASTM E1527-13 no longer may be used to satisfy AAI requirements. Compared to its predecessor, the current standard provides more guidance on conducting historical reviews of the subject property and adjoining properties, revises key definitions, and clarifies the role of emerging contaminants such as PFAS in ESAs.

Listen as our expert panel examines the current standard and addresses its impact on site assessments and the due diligence process in the year since it has been approved by the EPA. The panel will also offer best practices for AAI compliance to limit CERCLA liability and for guiding clients through the due diligence process.

Outline

  1. Overview of environmental liability and defenses
    1. Who is liable and the scope of liability
    2. Elements of liability defenses
    3. History of AAI
    4. The limited purpose of AAI/ASTM
  2. ASTM
    1. History of the development of E1527-21
    2. Important terms
    3. Agency file reviews
    4. Role of vapor migration in E1527-21
    5. What are data gaps, and how can they be used?
    6. Should reports contain recommendations?
    7. Non-scope items and business environmental risks
  3. Impact of ASTM E1527-21 on property owners and purchasers
  4. Developing the appropriate environmental due diligence for your deal
    1. Nature of deal, the number of properties, timing, etc.
    2. Differences in concerns of lenders and borrowers
    3. Toxic tort, reputational risk, and other concerns
  5. Contractual issues when retaining consultants
  6. Practitioner takeaways

Benefits

The panel will review these and other key issues:

  • What are the key considerations for counsel and their clients in the ASTM E1527-21 standard?
  • What has been the impact of ASTM E1527-21 for property owners and purchasers compared to the prior standard?
  • What are best practices that counsel can employ to ensure clients meet the AAI requirements to limit CERCLA liability?